Dogs: Sit-up or roll over?

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The DOGS/USDT 1-hour chart indicates a potential Elliott Wave structure, with a completed 5-wave uptrend followed by an ABC correction, suggesting the market could be setting up for a new upward move if key levels hold. However, the move from the proposed end of the C wave is not forming an ideal motive wave.

Key Levels:

Support: The significant support zone around 0.0012091 could serve as a foundation for a potential bounce, with 0.0012879 currently acting as support.

Resistance: Resistance is noted at 0.0013205 and 0.0013788. As the price approaches these levels, it may encounter selling pressure. For a sustained bullish trend, these levels need to be broken and flipped into support.

Technical Indicators:

A descending trendline from the peak of wave 5 underscores the bearish trend. The price is testing a break above this trendline, which could signal a trend reversal if it holds.

A Fibonacci retracement at the 0.618 level would add validity to the bullish scenario with a break of it excluding the potential for algorithmic participation.

Scenarios:

Bullish: If the price can break above the descending trendline and maintain above the 0.0012091 support, it could target higher resistance levels. Successfully breaking and converting these into support would suggest a continuation of the bullish trend.

Bearish: Failure to hold above the 0.0012091 support level may lead to further declines, reinforcing the bearish trend.

Conclusion: DOGS/USDT is at a pivotal juncture. Holding above the descending trendline supports a bullish outlook, while failure to maintain support levels could signal more downside. Monitoring price action around these key levels will be crucial for determining the next move.

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altcoinaltcoinscryptocryptotradercryptotradingdogsdogsusdDOGSUSDTElliott WaveFibonaccipriceactionSupport and Resistance

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